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Twitter Shareholders Approve Elon Musk’s $44 Billion Buyout: Report

The Tesla CEO has been trying to get out of his bid to buy the social media company. Meanwhile, Twitter has filed a suit to force him to complete the deal.

Elon Musk Twitter buyout
Twitter will now become a privately held company with Musk making the new rules for the platform.

New Delhi: Twitter shareholders on Tuesday approved billionaire businessman Elon Musk’s $44 billion buyout bid, according to media reports. Twitter’s shareholders voted on the company’s pending buyout by Musk.

The Tesla CEO has been trying to get out of his bid to buy the social media company. Meanwhile, Twitter has filed a suit to force him to complete the deal.

The shareholders’ vote was a mere formality in the given situation where the deal is on hold while the court case plays out. But now that the measure has been passed, as expected, it would also pave the way for a Musk takeover should Twitter prevail in court.

At the core of Musk’s attempt to back out of the Twitter deal is the allegation that the social media giant engaged in deception in its handling of automated “spam bot” accounts.

ALSO READ: Twitter Whistleblower Raises Security Flaws Before Congress

Meanwhile, former security chief at Twitter told Congress that the social media platform is plagued by weak cyber defences that make it vulnerable to exploitation by “teenagers, thieves and spies” and put the privacy of its users at risk.

Peiter “Mudge” Zatko, a respected cybersecurity expert, appeared before the Senate Judiciary Committee to lay out his allegations Tuesday.

“I am here today because Twitter leadership is misleading the public, lawmakers, regulators and even its own board of directors,” Zatko said as he began his sworn testimony.

He told senators he was “risking my career and my reputation” to warn of poor security practices in which too many Twitter employees had unsupervised access to sensitive information, and a corporate culture of only reporting good news up the chain.

Zatko said “Twitter leadership ignored its engineers,” in part because “their executive incentives led them to prioritise profit over security.”

(With PTI inputs)